Business HoursMon-Fri: 9PM-5PM | Sat: 9AM-1PM
Offices418 HWY 90 Waveland, MS 39576
$1,700,000
Gulfport, MS 39507
MLS# 4007430
Status: Closed
30000 sqft
1 / 12
Property Description
Palm View Apartments is a well located 26 unit apartment complex. All units are 2 bedroom 2 bathroom units. Floor plan is spacious and very functional. All units are essentially the same floor plan except some are flipped 180 degrees. Amenities include pool, clubhouse. Laundry facilities could easily be added to increase revenues. It should be noted that the interior unit photographs are of one of two just renovated units and are not representative of the other 24 units. Many of the units are substantially below market rent. Year 1 of the Proforma Income Statement shows the current income. Year 2 assumes that the below market rents are brought to near current market rents. Years 3 and after assume rents grow at 3% annually. Some additional Cap Ex would need to be budgeted to bring rents up to market as units turn over. Palm View was built in 1970. At the end of 2021 the exterior received a complete makeover including a new roof, gutters, downspouts and fresh paint. The parking lot is scheduled to patched, resealed and striped before the end of January. The rents would be considered mostly under market creating some significant upside potential. Palm View Apartments would be considered ''affordable'' or ''work force'' housing. Located in the heart of Gulfport, the 2nd largest city in Mississippi on busy Pass Road, Palm View residents have easy access to the beach, shopping, restaurants, public transportation and, most importantly, the majority of jobs.
Details
Maps
Address and Location Information
Nearest Cross Street: Loposser Avenue
Parcel Number: 0910i-03-004.000
N or S of I-10: S
N or S of CSX Railroad Track: N
Street Number: 529
Street Direction: E
Street Name: Pass
Street Suffix: Road
County: Harrison
State: MS
Zip Code: 39507
Subdivision: Metes And Bounds
Listing Information
Listing Service: Full Service
Status: Closed
List Date: 2022-01-21
List Price: $1,750,000
Current Price: $1,700,000
Property Sub Type: Apartment
General Property Information
Property Sub Type: Apartment
New Construction: No
Approx Lot Size Acres: 1.3
SqFt Source: Estimated
List Price/SqFt: 58.33
Year Built Source: Estimated
Total Floors: 2
Bathrooms Half: 0
Bathrooms Three Quarter: 0
Fireplace: No
Accessibility Features: No
Approx H/C SqFt: 30000
Year Built: 1970
Bathrooms Full: 2
Tax and Financial Information
Tax Annual Amount: 17104
Tax Year: 2021
Flood Insurance Required?: No
Leasehold Y/N: No
Association: No
Legal Description: 1.3 AC (C) COM AT INTER OF W LINE OF NE 1/4 OF SEC 36 & S MAR OF PASS RD NELY ALONG RD 991 FT TO POB S 277.2 FT TO N MAR OF DRAINAGE DITCH N 72 DG E ALONG DITCH 201.9 FT N 278.4 FT TO RD SWLY ALONG RD 206.7 FT TO POB PART OF SW 1/4 OF NE 1/4 OF SEC 36-7-11
Remarks & Miscellaneous
Public Remarks: Palm View Apartments is a well located 26 unit apartment complex. All units are 2 bedroom 2 bathroom units. Floor plan is spacious and very functional. All units are essentially the same floor plan except some are flipped 180 degrees. Amenities include pool, clubhouse.
Laundry facilities could easily be added to increase revenues. It should be noted that the interior unit photographs are of one of two just renovated units and are not representative of the other 24 units.
Many of the units are substantially below market rent. Year 1 of the Proforma Income Statement shows the current income. Year 2
assumes that the below market rents are brought to near current market rents. Years 3 and after assume rents grow at 3% annually.
Some additional Cap Ex would need to be budgeted to bring rents up to market as units turn over.
Palm View was built in 1970. At the end of 2021 the exterior received a complete makeover including a new roof, gutters, downspouts and fresh paint. The parking lot is scheduled to patched, resealed and striped before the end of January. The rents would be considered mostly under market creating some significant upside potential. Palm View Apartments would be considered ''affordable'' or ''work force'' housing.
Located in the heart of Gulfport, the 2nd largest city in Mississippi on busy Pass Road, Palm View residents have easy access to the beach, shopping, restaurants, public transportation and, most importantly, the majority of jobs.
Status Change Info
Sold Price/SqFt: 56.67
Contract Date/Pending Date: 2022-03-07
Closing Date: 2022-06-09
Current Use
Multi-Family: 1
Structure Type
Multi Family: 1
Possible Use
Multi-Family: 1
Business Type
Residential: 1
Showing Requirements
Showing: Appointment Required
Auction
Auction: No
Basement Features
Basement: No
Property Features
Business Type: Residential
Current Use: Multi-Family
Possible Use: Multi-Family
Structure Type: Multi Family
Listing Office: Molyneaux Group, LLC
Listing Agent: Doug J Molyneaux
Last Updated: February - 25 - 2026
Information is deemed to be reliable but not guaranteed. Copyright 2022 MLS United, LLC.
$1,700,000
Gulfport, MS 39507
MLS# 4007430
Status: Closed
30000 sqft
1 / 12
Property Description
Palm View Apartments is a well located 26 unit apartment complex. All units are 2 bedroom 2 bathroom units. Floor plan is spacious and very functional. All units are essentially the same floor plan except some are flipped 180 degrees. Amenities include pool, clubhouse. Laundry facilities could easily be added to increase revenues. It should be noted that the interior unit photographs are of one of two just renovated units and are not representative of the other 24 units. Many of the units are substantially below market rent. Year 1 of the Proforma Income Statement shows the current income. Year 2 assumes that the below market rents are brought to near current market rents. Years 3 and after assume rents grow at 3% annually. Some additional Cap Ex would need to be budgeted to bring rents up to market as units turn over. Palm View was built in 1970. At the end of 2021 the exterior received a complete makeover including a new roof, gutters, downspouts and fresh paint. The parking lot is scheduled to patched, resealed and striped before the end of January. The rents would be considered mostly under market creating some significant upside potential. Palm View Apartments would be considered ''affordable'' or ''work force'' housing. Located in the heart of Gulfport, the 2nd largest city in Mississippi on busy Pass Road, Palm View residents have easy access to the beach, shopping, restaurants, public transportation and, most importantly, the majority of jobs.
Details
Maps
Address and Location Information
Nearest Cross Street: Loposser Avenue
Parcel Number: 0910i-03-004.000
N or S of I-10: S
N or S of CSX Railroad Track: N
Street Number: 529
Street Direction: E
Street Name: Pass
Street Suffix: Road
County: Harrison
State: MS
Zip Code: 39507
Subdivision: Metes And Bounds
Listing Information
Listing Service: Full Service
Status: Closed
List Date: 2022-01-21
List Price: $1,750,000
Current Price: $1,700,000
Property Sub Type: Apartment
General Property Information
Property Sub Type: Apartment
New Construction: No
Approx Lot Size Acres: 1.3
SqFt Source: Estimated
List Price/SqFt: 58.33
Year Built Source: Estimated
Total Floors: 2
Bathrooms Half: 0
Bathrooms Three Quarter: 0
Fireplace: No
Accessibility Features: No
Approx H/C SqFt: 30000
Year Built: 1970
Bathrooms Full: 2
Tax and Financial Information
Tax Annual Amount: 17104
Tax Year: 2021
Flood Insurance Required?: No
Leasehold Y/N: No
Association: No
Legal Description: 1.3 AC (C) COM AT INTER OF W LINE OF NE 1/4 OF SEC 36 & S MAR OF PASS RD NELY ALONG RD 991 FT TO POB S 277.2 FT TO N MAR OF DRAINAGE DITCH N 72 DG E ALONG DITCH 201.9 FT N 278.4 FT TO RD SWLY ALONG RD 206.7 FT TO POB PART OF SW 1/4 OF NE 1/4 OF SEC 36-7-11
Remarks & Miscellaneous
Public Remarks: Palm View Apartments is a well located 26 unit apartment complex. All units are 2 bedroom 2 bathroom units. Floor plan is spacious and very functional. All units are essentially the same floor plan except some are flipped 180 degrees. Amenities include pool, clubhouse.
Laundry facilities could easily be added to increase revenues. It should be noted that the interior unit photographs are of one of two just renovated units and are not representative of the other 24 units.
Many of the units are substantially below market rent. Year 1 of the Proforma Income Statement shows the current income. Year 2
assumes that the below market rents are brought to near current market rents. Years 3 and after assume rents grow at 3% annually.
Some additional Cap Ex would need to be budgeted to bring rents up to market as units turn over.
Palm View was built in 1970. At the end of 2021 the exterior received a complete makeover including a new roof, gutters, downspouts and fresh paint. The parking lot is scheduled to patched, resealed and striped before the end of January. The rents would be considered mostly under market creating some significant upside potential. Palm View Apartments would be considered ''affordable'' or ''work force'' housing.
Located in the heart of Gulfport, the 2nd largest city in Mississippi on busy Pass Road, Palm View residents have easy access to the beach, shopping, restaurants, public transportation and, most importantly, the majority of jobs.
Status Change Info
Sold Price/SqFt: 56.67
Contract Date/Pending Date: 2022-03-07
Closing Date: 2022-06-09
Current Use
Multi-Family: 1
Structure Type
Multi Family: 1
Possible Use
Multi-Family: 1
Business Type
Residential: 1
Showing Requirements
Showing: Appointment Required
Auction
Auction: No
Basement Features
Basement: No
Property Features
Business Type: Residential
Current Use: Multi-Family
Possible Use: Multi-Family
Structure Type: Multi Family
Listing Office: Molyneaux Group, LLC
Listing Agent: Doug J Molyneaux
Last Updated: February - 25 - 2026
Information is deemed to be reliable but not guaranteed. Copyright 2022 MLS United, LLC.